The process or work of keeping financial accounts.
Questions tagged [accounting]
28 questions
11
votes
2 answers
Can my accountant bill me for previous work he agreed to perform for free?
Context
I can provide more context to the story (question), but I also want to keep it short. I have been paying my accountant for helping with my corporate taxes for the last 4 years in Toronto. I was paying for the corporate taxes about 30-40%…
Zerg00s
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10
votes
3 answers
Is it legal to take advantage of loopholes in GAAP to misrepresent profit?
Per the title, say that "Jordan" discovers a previously-unknown loophole in GAAP which allows him to greatly finesse his company's financial statements. This significantly improves his company's apparent performance (which is in actuality quite…
In Hoc Signo
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2
votes
0 answers
Anti Money Laundering (AML) information on the beneficial owner for clients of a custodian
A custodian bank has a client which is an investment arranger.
The funds of the investment arranger's clients are held at the custodian.
The custodian has flagged one of the investment arranger's clients as being a money laundering risk and has now…
M. Guillaume
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2
votes
1 answer
What's the point of this partnership template revenue clause?
In this partnership agreement template it states that
The Company will allocate items of income and losses as if the Company were liquidated, its assets sold at their fair market value, and the resulting proceeds (net of liabilities) distributed to…
Mason Wheeler
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2
votes
1 answer
Who is legally accountable for the action of the internal audit of a company?
Who is legally accountable for the action of the internal audit of a company in the U.S.? If the internal audit of a company doesn't do due diligence by not properly auditing the financial documents of the company who is legally accountable for the…
user25884
2
votes
1 answer
Tied into 2 year contract with incompetent accountant (UK)
I'm 7 months into my first Software contract and setup a limited company before hand. I chose a local accountant based on recommedation and am now regretting doing so as communication is very poor (for example changes email without notifying).
The…
Noobie3001
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2
votes
0 answers
Simple Definition of CapEx and OpEx for Software Development
I work as a software developer in the UK for a company headquartered in Canada (not sure if the regulations vary from country to country) and I have to log my time for any work I do as either "CapEx" or "OpEx".
Operating Expenses (OpEx) are the…
Matt
- 133
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2
votes
1 answer
Could Trump have just avoided the charges?
In the recent NY v. Trump case, Mr. Trump was convicted of falsifying business records (34 times).
I found this article helpful in explaining the case
Once Mr. Trump or his lawyers suspected that law enforcement was looking into these transactions…
Pete B.
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1
vote
1 answer
How are non-monetary assets valued in the divorce?
In case of divorce, let's say spouse A purchased an expensive item for $X, when fair value for it at purchase would be $Y, assessed resell value at time of divorce is $Z, and depreciated accounting value at time of divorce $X2 or $Y2 depending on…
user17760
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1
vote
1 answer
Can U.S. companies legally document stock buybacks as assets?
In the U.S., Jack creates a C-corporation and funds it with $100, receiving 100 shares in return. Greg, a passive investor, then gives the company $900 in exchange for 900 newly issued shares. The bank account of the company now contains $1000,…
SapereAude
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1
vote
0 answers
What is penalty for not closing Delaware C-Corp?
I'm a non-US citizen and started Delaware C-Corp in Sep 2021, now I have to pay $400 franchise tax, accountant cost, and closing cost. I don't close this C-corp officially and In the future, If I have to start another one, Can I do it, or first I…
k''
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1
vote
2 answers
Does a purchase and refund count as a "significant transaction" for HMRC and Companies House?
Consider the following hypothetical scenario. Company A incorporates in the UK on day D. Company A makes a purchase to present a product at a trade show and gauge market interest. It attends the show, which does not go well for lack of potential…
ginjaemocoes
- 257
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1
vote
1 answer
Can you get jailed for misreporting numbers to pay less for a billing on behalf of a company because your manager told you to do so?
Can you get jailed for misreporting numbers to pay less for a billing on behalf of a company because your manager told you to do so? Let's say you make up a bunch of numbers to pay 1,500$ instead of 5,000$, and you do it, because the boss…
user25884
1
vote
1 answer
Can a private individual issue receipts?
In certain jurisdictions such as Singapore, sole proprietorships must be registered. In these jurisdictions, can a private individual issue receipts?
Perhaps a more specific legal question is: where does the authority to issue receipts come from?…
laoganma
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1
vote
1 answer
In the United States, is there a Governmental Entity that oversees the auditing of various other non-governmental entities?
Certain businesses, non-profits, organizations, etc (referred to here after as "non-governmental entities") have certain government requirements they have to meet to stay a float; these non-governmental entities are frequently audited to make sure…
leeand00
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